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Purpose - Tourism and FDI have contributed to a large extent to Central and Eastern European economies in recent decades. This paper investigates how successfully these two engines of growth have been stimulating the growth of these economies. Design/methodology/approach - Using a Pooled Mean Group estimation, this study investigates the short- and long-term effects of variations in the GDP shares of tourism and foreign investments on the economic growth rate. Findings - The results suggest that while tourism expansion is more effective in the short run, FDI has a significant positive impact on economic growth only in the long run. Originality - A new aspect of the present study is a comparison of the magnitude of the impacts of the GDP shares of international tourism and foreign investments on the economic growth rate in both the short and long run in the case of Central and Eastern Europe. Practical implications - Considering the economic structure of these countries, policy action plans for inclusive growth are suggested.

We analyze the effects of the unprecedented rise in trade between Germany and \"the East\" (China and Eastern Europe) in the period 1988–2008 on German local labor markets. Using detailed administrative data, we exploit the cross-regional variation in initial industry structures and use trade flows of other high-income countries as instruments for regional import and export exposure. We find that the rise of the East in the world economy caused substantial job losses in German regions specialized in import-competing industries, both in manufacturing and beyond. Regions specialized in export-oriented industries, however, experienced even stronger employment gains and lower unemployment. In the aggregate, we estimate that this trade integration has caused some 442,000 additional jobs in the economy and contributed to retaining the manufacturing sector in Germany. This is almost exclusively driven by the rise of Eastern Europe, not by China. We also conduct an analysis at the individual worker level, and find that trade had a stabilizing overall effect on employment relationships.

The German economy exhibits rising service and declining manufacturing employment, but this decline is much sharper in import-competing than export-oriented branches. We first document the individual-level job transitions behind those trends. They are not driven by manufacturing workers who smoothly switch to services. The observed shifts are entirely due to young entrants and returnees from non-employment. We then investigate if rising trade with China and Eastern Europe causally affected those labor flows. Exploiting variation across industries and regions, we find that globalization did not speed up the manufacturing decline in Germany. It even retained those jobs in the economy.

Small- and medium-sized enterprises (SMEs) contribute enormously to a country’s sustainable growth. Developing the pathways that lead to sustainable innovation in SMEs represents an important aspect of the business world and society. The aim of this article is to verify the relations and pathways that lead to sustainable product innovation performance while considering all three pillars of the Triple Bottom Line Approach. This study used a mixed methods approach to identify the antecedents of sustainable product innovation performance. Our approach applied structural equation modeling and fuzzy-set qualitative comparative analysis. The structural equation model was used to measure the effects of the three pillars of the triple bottom line: economic, social, and environmental developments. The structural equation model was also designed to account for the firm’s type (Public Limited Companies vs. General Partnerships). Using the structural equation model, we determined whether a firm’s type moderates the effects of the three pillars. Furthermore, using fuzzy-set qualitative comparative analysis, we identified alternative configurations of conditions and determined those that are likely to lead to sustainable product innovation performance and those that result in its absence. The sample comprises data from 349 Portuguese small and medium enterprises. The findings show that social and environmental developments are two important antecedents for product innovation performance, and they contribute to different pathways that lead to product innovation performance. In addition, in General Partnerships, human resource costs are important for sustainable product innovation performance. Therefore, the results of both the quantitative and qualitative analyses underline the relevance of the triple bottom line approach to product innovation performance.

Emerging market business cycles exhibit strongly countercyclical current accounts, consumption volatility that exceeds income volatility, and “sudden stops” in capital inflows. These features contrast with developed small open economies. Nevertheless, we show that a standard model characterizes both types of markets. Motivated by the frequent policy regime switches observed in emerging markets, our premise is that these economies are subject to substantial volatility in trend growth. Our methodology exploits the information in consumption and net exports to identify the persistence of productivity. We find that shocks to trend growth—rather than transitory fluctuations around a stable trend—are the primary source of fluctuations in emerging markets. The key features of emerging market business cycles are then shown to be consistent with this underlying income process in an otherwise standard equilibrium model.

We explore the implications of a country’s external constraint for the dynamics of net foreign assets, returns, and exchange rates. Deteriorations in external accounts imply future trade surpluses (trade channel) or excess returns on the net foreign portfolio (valuation channel). Using a new data set on U.S. gross external positions, we find that stabilizing valuation effects contribute 27 percent of the cyclical external adjustment. Our approach has asset‐pricing implications: external imbalances predict net foreign portfolio returns one quarter to two years ahead and net export growth at longer horizons. The exchange rate is forecastable in and out of sample at one quarter and beyond.

The export-led growth hypothesis has been examined for South Korea, which has long been regarded as a typical export-oriented economy. In particular, the expansion of exports in South Korea is reinforced by the imports of raw materials and intermediate goods from overseas, and the exports of manufactured final goods increase at a greater rate than the import growth. In this case, net exports rise. One striking result we have found is that for the earlier sample period of 1972-1996 prior to the 1997/98 Asian crisis, changes in net exports had a significant impact on economic growth; but the growth effect of net exports has been mitigated and insignificant for the recent years of 1999-2017. The two contrasting results we have found reflect the structural changes experienced by the South Korean economy after the 1997/98 economic crisis.

Firms start and stop exporting. Previous research suggests that these export participation decisions alter the comovement of net exports with the real exchange rate. We evaluate these predictions in a general equilibrium environment. Specifically, assuming firms face an up-front, sunk cost of entering foreign markets, and a smaller period-by-period continuation cost, we derive the discrete entry and exit decisions yielding exporter dynamics in an open economy business cycle model. The model's business cycle exporter dynamics are consistent with that of U.S. exporters. However, in contrast to previous partial equilibrium analyses, model results reveal that export decisions have negligible aggregate effects.

Coal is a mineral fuel commodity considered important as a source ofenergy and is traded among countries. Indonesia is one of the largest coal producing countries in the world. This study aimed to analyse the relationship between the net export volume, GDP per capita of destination countries, real exchange rate, and Indonesian coal export prices. The existence of a causal relationship between exports and economic growth shows that there is a relationship between net exports and future economic growth. Economic growth is an increase in people's per capita income without paying attention to changes in the economic structure.The study uses panel data of 5 biggest coal trading partner countries of Indonesia during the period 2015-2019, by using the dynamic panel analysis method, where a dependent variable is not only determined by the value of independent variables at the research period, but is also determined by the value of previous period. The dynamic panel method is characterized by the lag of the dependent variable which is correlated with the residual among the independent variables. The dynamic panel data regression method can be used to determine the short-term effect,and the long-term effect as well.Based on the estimation results of the Generalized Method of Moment (GMM) Arellano Bond, in the study period the exchange rate and export prices had a significant negative effect on the volume of Indonesian coal exports. GDP per capita has no significant effect on the volume of Indonesia's coal exports.Furthermore, the short-term elasticity approach for the exchange rate is -0.029159 and for the long term is 0.3616521. These results indicate that the calculation of the short-term and long-term elasticity of the exchange rate (ER) is inelastic and negative with different magnitudes. In addition, it explains that in the short term an increase in the exchange rate of 1 percent will reduce net exports in the short term by 2.9 percent.